Embracer sold Gearbox for $460 million to Take-Two

 


After a failed $2 billion negotiation, Embracer Group has been slowly closing or selling its studios. After selling Saber Interactive for $247 million, now it's Gearbox Entertainment's turn.

The studio known for the Borderlands franchise was officially separated from Embracer and sold for $460 million to Take-Two, which previously served as the publisher of the Borderlands IP.

With this sale, Embracer expects it will help significantly reduce its current net debt. Despite the acquisition, some of Gearbox's previously owned branches and franchises will remain with Embracer.


Check out who each franchise will own:

Franchises that now belong to Take-Two: Borderlands, Tiny Tina’s Wonderlands, Homeworld, Risk of Rain, Brothers in Arms and Duke NukemFranchises that continue with Embracer: Remnant, Hyper Light, Neverwinter Online and Star Trek Online


Lars Wingefors, CEO of Embracer, commented:

"Today's announcement marks the outcome of the final structured divestment process and is an important step in Embracer's transformation for the future, with notably lower net debt and improved free cash flow. Through the transaction, we have reduced business risk and we improve profitability as we transition to becoming a leaner, more focused company.

After evaluating several options for Gearbox, I am happy that we have reached a solution that is in the best interests of all stakeholders. Randy and the team have been great members over the past few years and I would like to thank everyone for that. As one of the world's largest game developers, I am confident that Gearbox will continue to innovate and thrive in its new home within Take-Two."


According to Gearbox CEO Randy Pitchford, this acquisition will allow the studio to ensure that the “experiences it has in development can be the best they can be.”

Payment for the acquisition will be made in the form of Take-Two shares, which Embracer plans to sell to third parties to increase its cash on hand. The agreement between the two parties will be closed in June 2024.

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